OPEC increases forecast for oil production in Russia in 2017

MOSCOW, July 12. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) has raised the forecast for oil production in Russia in 2017 by 30,000 barrels per day compared to the previous estimate - up to 11.07 mln barrels per day, according to the OPEC July report.

Thus, OPEC expects that oil production in Russia in 2017 will reach 10,000 barrels per day below the level of 2016.

At the same time, the experts of the organization draw attention to the fact that higher spending and more drilling activities were witnessed in 2015 and 2016, which led to a growth in oil production, leading to a decrease of the approximated annual decline rate by 2.5%. According to the OPEC production adjustment agreement, Russian production is expected to maintain its production adjustment up to the Q1 2018, thus increasing its oil supply by 0.17 mln barrels per day to average 11.24 mln barrels per day for the year.